"Where there is no vision, there is no hope."
–George Washington Carver
Powered by Wubits - real people, real connections, and real conversations.
READ
Guess what day it is Folks? HUMPDAY! Bitcoin is trading down at $28,383.80. Another morning of nearly no good news but I will continue to update this throughout the day so check back later.
SUMMARY
Yesterday, Coinbase suspended 80 non-USD trading pairs to improve liquidity.(3) Today, Bitcoin price continues to show strength this week by hitting an intra-day high at $28,516 even as macroeconomic headwinds in the United States continue to weigh on investor sentiment; exchange reserves hit multi-year low.(3) It’s possible that a certain degree of BTC’s price stability can be attributed to increasing institutional activity and positive institutional investor interest in Bitcoin.
Boston-based investment giant Fidelity has amended its Bitcoin spot exchange-traded fund application as asset mangers race to be the first to bring a Bitcoin ETF to market. The market capitalization (market cap) of Bitcoin (BTC) could rise to $950 billion if the US Securities and Exchange Commission (SEC) approves Bitcoin spot exchange-traded funds (ETFs). By investing just 1% of their $15.6 trillion in assets, ETF approvals can inject $155 billion into the market. Novogratz strongly believes that a Bitcoin ETF will see approval this year.(2) An incoming spot bitcoin exchange-traded fund is more of a matter of when, and not if, according to Craig Salm, chief legal officer at Grayscale Investments. SEC Chair Gensler says agency staff 'doing work' on multiple bitcoin ETF filings.
Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline. Elon Musk's Tesla to unveil its Bitcoin holdings today. Heritage Foundation think tank economist Peter St Onge says that economic stagnation and high inflation could positively impact Bitcoin (BTC) and gold. According to researchers at 21.co, the US government possesses 194,188 BTC worth more than $5.5 billion at time of writing.
Lightning Labs rolls out 'Taproot Assets,' to make Bitcoin 'Multi-Asset' network. Drivechains in Bitcoin could be a “game-changer,” according to Bitfinex CTO Paolo Ardoino — aspiring toward faster block times, improved privacy and more complex smart contract features.
“I believe six to 12 months after the halving cycle, there’s no reason why Bitcoin couldn’t be at $100,000. Just given what I know about demand and given what I know about the cycle and where the miners are, and so forth, and plus, we may get some interest rate relief. That’s a 3x bump. That’s happened in the world of technology all over the place, so it certainly could happen to Bitcoin. Ethereum, I am not as close to, although we do have a position in it. Could Ethereum be $4,500 by then? Why not? You know it’s a great utility. Speeds have improved. The layer-2s have helped it. Why not? Why couldn’t it be $4,500? These things are maturing." -Anthony Scaramucci
Cardano's price has been trading above the $0.24 support area since early 2021, forming a bullish triple bottom pattern and the daily timeframe price action and the Relative Strength Index (RSI) readings both suggest that the trend is bullish.
Federal Reserve Bank governor Michelle Bowman says that the use case for a central bank digital currency (CBDC) in the US remains unclear.
X account tied to rapper Nelly compromised, used for crypto phishing scam.(3) Dr. James Wan, a Georgia-based physician, entered a guilty plea for using Bitcoin to organize a murder-for-hire plot via the dark web.(2)
WATCH
LISTEN
Podcast of the day: The Debt Event Horizon & Bitcoin w/ Jesse Myers | Bitcoin Fundamentals
